Prominent XRP influencer WrathofKahneman (WoK) recently took to the X platform to share an initial glimpse into Ripple’s new product, “Ripple Payments.”
Notably, Ripple Payments was a pivotal point of discussion at the Ripple Swell conference.
So what is Ripple Payments, and what makes it new? An initial look at the pieces we have so far. More assuredly revealed by the end of Swell. Will #XRP still be used? By all means add to the list, but please cite sources.
What we know, a 🧵/12https://t.co/sqHYMgrKx3— WrathofKahneman (@WKahneman) November 8, 2023
Glimpse at Ripple Payments
WoK first cited Ripple’s description of the new venture. Per the statement, Ripple Payments is a new feature incorporated with the XRP Ledger’s (XRPL) native DEX to bolster global liquidity options. One of the objectives is simplifying onboarding into new markets and enhancing product performance.
Furthermore, WoK cited Ripple’s President Monica Long’s address of Ripple Payments at the Swell conference. Similarly, Long characterized it as a unified onboarding experience.
Besides, a Ripple insight article underscored that clients can access virtually 100% of global payout coverage across more than 70 markets. This happens via Ripple’s international payments system with a single onboarding.
Ripple Payments Clients
It is worth mentioning that Ripple Payment now takes the place of On-Demand Liquidity (ODL). As a result, WoK noted that the term “ODL” is fading from Ripple’s marketing, although the function remains.
According to WoK, the new narrative positions Ripple Payments as “crypto-enabled,” with an example of Onafriq using the technology to establish multiple payment corridors between the rest of the world and Africa.
The service claims to meet customers’ liquidity needs at any time. However, WoK argued there is some ambiguity about its novelty.
Furthermore, WoK highlighted that Rocketfuel, a payment solution provider for merchants handling crypto and fiat transactions, is the first known user of Ripple Payments. Leveraging Ripple’s extensive payout network, RocketFuel addresses customer payment demands in multiple currencies.
He added that the solution aligns with Ripple’s long-standing vision of facilitating the seamless movement of value.
Pending Questions about Ripple Payments
Meanwhile, the XRP influencer anticipated that more specific details about Ripple Payment would surface following Ripple Swell.
Some of the questions raised include how Ripple Payments differs from Ripple’s previous products. Also, the XRP Army seeks the specifics of the XRPL integration and the significance of having Rocketfuel as the first client.
Besides, they want to know where liquidity hubs fit into the equation and the role of tokenization.
XRP Is in Ripple Payments
Wrapping up his insights, WoK confirmed that Ripple is dedicated to continuing its focus on payments and using XRP within them through the new Ripple Payments product.
He remarked: “Oh, and if it wasn’t clear enough, yes, XRP is used.”
Read the full article here